Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.017%

Price spread now: Extended against Phemex−0.301%7-day average −0.103% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.301%+$30 on $10k

Price spread, last 3 days (all we have)+0.310%+$31 · spread now −0.301%, 7d avg −0.103%

Together, before fees+0.610%+ Points / potential airdropExtended: Active · farm board+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.197% cheaper against Phemex than usual: you would sell low and buy high (spread −0.301% now, against its 7-day average of −0.103%). If the spread goes back, that is −$20 on $10k: about 21 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.301% in total) that is about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	166.38	0	get 0.0000% / 4h	3h 00m	$2.8M	$67K	10x
Short	Extended MSTR_24_5-USD	165.88	0.0032	get 0.0004% / 1h	0m 56s	$571K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee ExtendedbpOrdersPrice spread, now −0.301%Rate

Funding earned: $6.72
Price spread: −0.301% → −0.103%: −$19.72
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$30
Costs to cover: 0.170%
Break-even: 38.3 days

Slippage unknown: Phemex: live order book, 3 min ago; Extended: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 3 min ago	3.29 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	2.40 bp	6.1 bp −$6	22.3 bp −$223	doesn't fit	doesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSTR_USDT	−0.0265%	8h	166.13	−0.150%	$4.6M	$19.3M	50x	as long as short
BloFin MSTR-USDT	−0.0029%	8h	166.03	−0.210%	$1.1M	$1.9M	20x	as long as short
Aster MSTRUSDT	0.0000%	8h	165.91	−0.285%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.13	−0.150%	$87.6M	$616.0M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.07	−0.186%	$21.4M	$99.7M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.16	−0.132%	$27.3M	$114.0M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.01	−0.225%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	166.87	+0.295%	$84K	$812K	10x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	166.38	long leg	$2.8M	$67K	10x
Lighter MSTR	+0.0032%	1h	165.94	−0.264%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USDshort	+0.0032%	1h	165.88	−0.301%	$571K	$1.9M	10x
QFEX MSTR-USD	+0.0035%	1h	166.03	−0.210%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	166.62	+0.144%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.72	−0.397%	—	$1.8M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.99	−0.234%	$389K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.06	−0.192%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	165.75	−0.379%	$768K	$4.7M	10x	as long as short
Nado MSTR-PERP	+0.0070%	1h	165.79	−0.355%	$134K	$129K	3x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	165.95	−0.258%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.10	−0.165%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.00	−0.228%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	166.29	−0.054%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.93	−0.270%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.85	−0.316%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0108%	8h	165.97	−0.243%	$66	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.779%	$8K	$26K	30x	as long as short
tradeXYZ xyz:MSTR	+0.0250%	1h	165.95	−0.258%	$56.1M	$35.9M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	166.44	+0.038%	$56K	$384K	10x	as long as short
Bybit MSTRUSDT	+0.0287%	8h	166.18	−0.120%	$16.7M	$40.3M	50x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.07	−0.185%	$271K	$435K	10x	as long as short
edgeX MSTRUSDC	+0.0663%	4h	166.58	+0.120%	$43K	$5.4M	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.1259%	1h	165.97	−0.246%	$282K	$438K	10x	as long as short